Promissory Estoppel - Assignment Example

1.... Narni Pty Ltd sues National Australia Ltd Bank for damages in connection with the loss of income potential of the business conducted by Narni at the Carrum Nursing Home because of the act of the bank in dishonoring the checks drawn on Narni No.... 2 check account maintained at Elwood Branch....

1.... Narni Pty Ltd sued the National Australia Bank Ltd for breach of arrangement entered by them.... Narni was the owner of the Carrum Nursing Home, which was subjected to possession by an agent and was sold later when the Bank refused to honor the cheques, which were drawn on Narni No.... hellip; 2 check account maintained at Elwood Branch without giving adequate notice to Narni....

The Concept of Precedent Name: Institution: The concept of precedent with reference to the doctrine of Promissory Estoppel as developed in the case of Central London Property Trust Ltd v High Trees House Ltd [1947] KB 130 The Concept of Precedent The concept of precedent is a key component of the common law system of duties and rights.... This statement was not in binding with precedent; however, it led to the creation of the doctrine of Promissory Estoppel....

Name: Course: Date: The Intention to Create Legal Relations Is far more Important than Consideration The law of contract requires that a contractual agreement is established by parties of sound mind, who have the capacity to exchange a consideration that creates a mutual obligation1.... hellip; The insistence of the law, on the qualification of the parties as being of sound mound and competent persons, underlines the importance of the binding obligation that is to be established2....

Promissory Estoppel is an equitable doctrine that applies to contract law to enforce a promise that is unsupported by consideration.... Promissory Estoppel cannot exist in a vacuum, and that it would only arise where there is an existing relationship between the parties.... The contract had not been completed to establish the relationship required to find for the Promissory Estoppel.... The court held that despite the fact that formal contracts had not been exchanged, Maher was entitled to assume the exchange was just a formality and could thus rely on Promissory Estoppel even if Maher did not believe that contracts had been entered into by the time he embarked on the demolition....

Use of Promissory Estoppel in Business Contracts This essay discusses the concept of Promissory Estoppel.... It discusses the section 90 and 139 of Restatement of Contracts which form the basis of the concept of Promissory Estoppel.... hellip; Use of Promissory Estoppel in Business Contracts This essay discusses the concept of Promissory Estoppel.... It discusses the section 90 and 139 of Restatement of Contracts which form the basis of the concept of Promissory Estoppel....

If A rents an apartment to B for $500 a month and after a year agrees to lower the price… $250 then after a few month reneges, changes the rent to the original price and demands back-pay, B will be in a difficult position, as common law says a new contract was not made as the tenant offered no consideration; B will probably owe the full rent for the whole original Promissory Estoppel brings principles of fairness and equity into the equation for the first time and lowers the bar to allow more informal arrangements to have force of law....

The paper "Practical Benefit and Promissory Estoppel" highlights that partial payment of a debt cannot be construed to be a discharge of an entire debt.... IKC would therefore still be able to recover the balance of the debt on the grounds of Promissory Estoppel....